First off get your grades up and get a grant or any money you don't have to pay back. Get out of college without being in debt. Apply for everything you can. It usually only takes a well written letter along with qualifying. Free college is so much better than working and saving...no matter who saves it. Try telling him you will open a savings account and show him your pass book every paycheck so that he can be sure you are saving it. But he is right...You will buy a car with it and it isn't fair to think that your father should pay for your education. Put your efforts in your studies and with good grades you can get through college with very little out of pocket expense. I did it and it works. Get to know your financial aid people and be sure they like you. There are always little scholarships you can win over the big ones. I don't think you can get a bank account in your name only...you aren't of legal age...and your dad will probably have to sign on the account which gives him access. Call a bank or two and find out how to get an account and what all the charges are so you dont' pay out bank fees. But take this to the bank...an education is the best thing you can do for yourself. Go as far as you can and study hard. That will make the rest of your life so much better. Remember study and do well in high school to get those good scholarships and apply for everyone you find. Don't plan on winning just one...most will let you double up. My idol was this young girl in high school and she won two free 4 year rides to college. One was Coke and I don't remember the other but one of them just gave her the money so she could live well and not have financial problems going through college. Plan ahead...You should pay your dad something because you live there and have income. He is supporting you and obviously wants you to get to college and is worried you won't have the financial ability to handle the money. He is looking out for you and has laid down the law to you. Remember, he really could just say do it your way and let you screw up or just waste what you earn but he is taking the flak from you and trying to help you out. He's a good dad and is making the effort to be sure you get where you need to go. Show him you are responsible but do keep track of what you gave him. I think an open book savings account would be a good deal with both of your names on it. My mom did that for me..well, actually she put back a little money...she was sick with cancer but did babysitting to bring some little kids into her life and a little extra money and she loved it. She saved a lot of it for me and that little account meant a lot ot me. Do it for yourself.
My mom jerked me around for a very long time about money. She would constantly make threats about not helping me pay for a car, not help me get my license, not help pay for schooling, etc., if I didn't do something exactly as she liked it. I always had to walk on egg shells if I wanted to get the help that I thought I needed. When I went to post-secondary and realized that everyone is on student loans, that they're really not that hard to get, and that as long as you work hard to earn money and pay them back, credit is a normal part of life to be handled responsibly, I stopped stressing about it. When I was a kid she had set up a bank account for me and tried to teach me to save by taking every penny I ever got from relatives and "putting it in this bank account for me". When I was 15 I got my first job and got a void check from the bank. With the check in my hands, I realized that all this money I would be earning would go into an account I had never been allowed to touch. I went back a week later, reported my card stolen, requested a new card with new numbers, and kept it hidden from my mom. Best decision I ever made, when I looked at my balance before I got paid from my new job, I had $150 in there.... Really? Over 16 years of receiving money from relatives at Christmas and birthdays, and the whole time I'd only had $150? I don't think so.
Work your own way towards schooling. When it comes to obtaining student loans, they typically take into account your parents financial income (which if that's high will cost against you), and if you have lots of money saved, you will also not receive as much help from them as you probably need. Work hard, save on your own (put the money into an account that you will not be tempted to touch from, an account that has financial penalties for withdrawing money early), and you will feel much better about going to school, making it on your own, and better yet you didn't let your dad bully you into doing things his way (even if he's well-intentioned). Financial screw-over happens most with family.
Being under 18, your parents do have a legal right to the money you make. Setting aside money is good, but not using / getting it until AFTER college is poor financial planning. Any way you 2 can reach a compromise?
"my dad is insisting that I give him half of my paycheck so that he can put in a college fund account... I want to save it myself in my own savings account "
What difference does it make?
Put it in a fixed-deposit account and try searching for " how to buy a car in 5 years by Li Ka-Shing" li ka-shing is a billionaire and he can provide some useful tips
I don't see what your issue is, unless you're not being honest with us. Multiple times you have said you want to save it for college. So if you want to save it for college, and HE wants to save it for college, what's your issue?
I think we both know that your dad believes, with good reason, that you'd blow this money if not forced to save it.
He thinks if you have access to it, you'll spend at least some and not save it for college. Is he right?
See if you can get direct deposit for your check after you have set up a savings account with only your name on the account.
www.wellsfargo.com/help/direct-deposit
I believe it's legally yours....talk to a lawyer.
Pretty lousy father if he screws you out of your money.
